How we develop a Cryptocurrency for the LGTBI community with Algorand
Recently, in Avantgarde, we have had the opportunity to create a new cryptocurrency for the LGTBI+ sector.
Our role in the project has been as initial advisors, token development and asset governance tools development.
In this case, after making a comparative study of the state of art of the main blockchains, we decided to use Algorand. The main reasons were:
- Open Source Blockchain
- High capacity: In particular, Algorand’s blockchain technologies can handle more than 500,000 transactions per day, which is higher compared to alternatives such as Cardano’s blockchain, which handles around 150,000 transactions per day.
- Costs: We believe it ss is the fastest and most cost-efficient platform at present.
- Permissions: Algorand is designed using a permissionless blockchain protocol that can finalize instant transactions without any uncertainty.
- Origins: Algorand was founded by Silvio Micali, a computer science professor at the Massachusetts Institute of Technology. Silvio received the 2012 Turing Award for his innovative contributions in cryptography, blockchain and cryptocurrency protocols, and electronic money, making him a leading mind in the cryptocurrency and blockchain industry.
- Pixel Consensus Multi-Signature: Pixel is a pairing-based multi-signature consensus protocol designed to secure signatures on blockchains. It can reduce bandwidth consumption, storage usage, and also the processing power needed by nodes. Making ALGORAND the most energy-efficient blockchain.
Pixel signatures are forward-secure so that no new keys can be generated for use on old blocks. - Vault: Vault is a security mechanism in the blockchain ecosystem that prevents instant withdrawal of cryptocurrencies.
Vault in Algorand reduces storage usage and costs for participants. Thus, users do not have to download, store and verify large volumes of data before participating in consensus protocols. - Immediate transaction finality: The Algorand blockchain only verifies the block with the required signature threshold; therefore, all transactions on the Algorand blockchain are final.
- Self-Selection: Algorand does not have dedicated nodes or users that determine the next block, but rather participants are continuously selected randomly and secretly to participate in Algorand’s consensus protocol. Therefore, each block on the Algorand blockchain reveals the next set of participants, making it extremely difficult to predict participants in the blockchain confirmation.
- Scalability: Algorand has an efficient Byzantine protocol that can reach a consensus on the next block at high speed. Therefore, Algorand’s blockchain can support billions of users, Algorand can sustain a high transaction rate while maintaining low transaction costs, as computing power is not lost in solving cryptographic puzzles.
Initially, the ASSET was to be used as a means of payment for physical transactions at participating merchants.
For this reason, we created a wrapper on the Algorand Layer with an API that would allow the basic operations to be managed by third parties.
The API is designed so that in the future third parties can connect to the token governance to enable automation for basic operations such as Deploy, Mint, Seize, Transfer, delegate, generic token information, query the supply, query transactions, modify account roles, etc.
The API is developed in Node.js using Algorand Javascript SDK, here there is an example for Mint operation:
We also create a management and administration application that allows these operations to be done easily from an intuitive graphic interface.
With these tools, we have made it easier for our clients to manage and monitor all token operations.
These tools allow to create any type of ASSET in Algorand and allow non-technical users to supervise and manage it. If you want to know more about this tool, please contact us and we will tell you everything you need to know.
